Superannuation (Productivity Benefit) (First Interest Factor) Declaration 2013 (Cth)

Superannuation (Productivity Benefit) (First Interest Factor) Declaration 20131

I, PENELOPE YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988. Dated 7th May 2013

PENELOPE YING YEN WONG Minister for Finance and Deregulation 1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (First Interest Factor) Declaration 2013.

2 Commencement

This Declaration commences on 1 July 2013.

3 Definitions

In this Declaration: Act means the Superannuation (Productivity Benefit) Act 1988. Interest rate means a rate equal to the estimated closing yield last published by the Reserve Bank of Australia before 1 June in the financial year immediately preceding the relevant financial year in respect of 10-year non-rebate Treasury Bonds. Number of days means: (a) in the case of an employee who becomes a fund employee during the relevant financial year — the number of days in the period: (i) starting on the last day of the first pay period for the employee ending after 1 July of the relevant financial year; and (ii) ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or (b) in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the relevant financial year — the number of days between: (i) the last day of the first pay period for the employee ending after 1 July of the relevant financial year; and (ii) the day on which the interim benefit becomes payable; or (c) in the case of an employee who does not become a fund employee during the relevant financial year, and in respect of whom an interim benefit does not become payable during that year — the number of days between: (i) the last day of the first pay period for the employee ending after 1 July of the relevant financial year; and (ii) 30 June of the relevant financial year. Relevant financial year means a period commencing on 1 July and ending on 30 June the following calendar year, which: (a) commences on or after 1 July 2013; and (b) is the financial year to which the first interest factor is to be applied in relation to an employee under section 8A of the Act.